On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner’s equity for GGE Enterprises reported Rob Elliot’s owner’s equity as of December 31 at $38,445. The balance sheet reported total liabilities and owner’s equity of $56,900. Accounts Accounts Rob Elliot, Rob Elliot, Fees Rent Supplies Utilities Wages Miscellaneous Cash Receivable Land Payable Capital Drawing Earned Expense Expense Expense Expense Expense ? 8,850 16,500 ? ? $6,000.00 $27,250.00 $6,400.00 ? $4,575.00 $1,235.00 $370.00 Review the following questions. Place an ‘X’ in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Income Statement of Sheet Statement Owner’s Equity Amount What are the total assets owned by GGE Enterprises? How much cash is being held by GGE Enterprises? By what amount did Rob Elliot’s equity increase or decrease during the period? What is the amount of profit or loss during December? What were the total expenses for December? How much expense was reported for supplies? How much does GGE Enterprises owe to its creditors?
On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner’s equity for GGE Enterprises reported Rob Elliot’s owner’s equity as of December 31 at $38,445. The balance sheet reported total liabilities and owner’s equity of $56,900. Accounts Accounts Rob Elliot, Rob Elliot, Fees Rent Supplies Utilities Wages Miscellaneous Cash Receivable Land Payable Capital Drawing Earned Expense Expense Expense Expense Expense ? 8,850 16,500 ? ? $6,000.00 $27,250.00 $6,400.00 ? $4,575.00 $1,235.00 $370.00 Review the following questions. Place an ‘X’ in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Income Statement of Sheet Statement Owner’s Equity Amount What are the total assets owned by GGE Enterprises? How much cash is being held by GGE Enterprises? By what amount did Rob Elliot’s equity increase or decrease during the period? What is the amount of profit or loss during December? What were the total expenses for December? How much expense was reported for supplies? How much does GGE Enterprises owe to its creditors?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 1PA: During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and...
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On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation , the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner’s equity for GGE Enterprises reported Rob Elliot’s owner’s equity as of December 31 at $38,445. The balance sheet reported total liabilities and owner’s equity of $56,900.
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Accounts
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Accounts
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Rob Elliot,
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Rob Elliot,
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Fees
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Rent
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Supplies
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Utilities
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Wages
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Miscellaneous
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Cash
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Receivable
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Land
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Payable
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Capital
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Drawing
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Earned
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Expense
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Expense
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Expense
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Expense
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Expense
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? | 8,850 | 16,500 | ? | ? | $6,000.00 | $27,250.00 | $6,400.00 | ? | $4,575.00 | $1,235.00 | $370.00 |
Review the following questions. Place an ‘X’ in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement.
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Balance
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Income
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Statement of
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Sheet
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Statement
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Owner’s Equity
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Amount
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What are the total assets owned by GGE Enterprises? |
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How much cash is being held by GGE Enterprises? |
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By what amount did Rob Elliot’s equity increase or decrease during the period? |
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What is the amount of profit or loss during December? |
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What were the total expenses for December? |
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How much expense was reported for supplies? |
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How much does GGE Enterprises owe to its creditors? |
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